Building on our solid base for selective growth Sanoma in brief - - PowerPoint PPT Presentation

Roadshow presentation June 2018

Building on our solid base for selective growth

Sanoma in brief

3

Sanoma in 2017

NET SALES

EUR 1,327 million

NON-PRINT SALES

40%

OPERATIONAL EBIT MARGIN

13.6% Media Finland

EUR 571 million 44% non-print 11.5% margin

Media Netherlands

EUR 440 million 30% non-print 15.5% margin

Net sales 2017

News TV/Radio Online & Mobile Magazines

• ther

100 200 300 Magazines Online & Mobile Distribution Other 100 200 300

Roadshow Presentation June 2018

Learning

EUR 318 million 45% non-print 17.5% margin

Poland Netherlands Finland Belgium Sweden 20 40 60 80 100

Net sales

M€ 571

(2016: 581) Operational EBIT

M€ 66

(2016: 50) Margin

11.5%

(2016: 8.5%) Employees (FTE)

1,700

(2016: 1,800)

Media Finland

• Leading media company in Finland
• Information, experiences, inspiration and entertainment

through multiple media platforms: newspapers, TV, radio, events, magazines, online and mobile channels

• Reaching 95% of all Finns weekly
• A trusted partner with insight, impact and reach for

advertisers

Roadshow Presentation June 2018 4

Focus: Continuing to strengthen our market position

• Improved competitiveness and profitability
• Strengthening positions in three areas:

– Growing in entertainment – Transforming B2B offering and organization – Building on our unique position in the news media

Roadshow Presentation June 2018 5

Net sales

M€ 440

(2016: 459) Operational EBIT

M€ 68

(2016: 67) Margin

15.5%

(2016: 14.7%) Employees

1,100

(2016: 1,200)

Media Netherlands

• Dutch consumer media operations and the press

distribution business Aldipress

• Leading cross media portfolio with strong brands and

market positions in magazines, news, digital, events and e-commerce

• Content and customer data combined to develop

successful marketing solutions for our clients

• Reaching 12+ million consumers every month

Focus: Profitability and cash flow generation

• Stable core business with >1.3m subscriptions
• NU.nl & data business will drive value creation through

topline growth

• Strong profitability with 15.5% EBIT margin
• Increasing cash conversion as portfolio restructuring is

now completed

Roadshow Presentation June 2018 6

Net sales

M€ 318

(2016: 283) Operational EBIT

M€ 56

(2016: 57) Margin

17.5%

(2016: 20.1%) Employees (FTE)

1,400

(2016: 1,400)

Learning

• Leading positions in countries with some of world’s best

educational systems

• Solutions that drive higher learning outcomes, engagement

and efficiencies

• Scalable technologies to support leadership in the digital

transformation

• A clear strategy to become a European champion

Focus: Creating a European Champion in Learning

• Organic growth in footprint markets
• Capturing synergies across borders
• Pursuing M&A in K12 and adjacent markets

Strategy and financial targets

We are building on a solid base for selective growth

Roadshow Presentation June 2018 8

We continue to focus on our customers, profitability & cash flow… … and increasingly focus on selective growth through M&A We have completed major portfolio changes

Resulting in:

• Solid profitability
• Growing cash flow
• Increasing dividends
• Equity ratio and leverage within

long-term target

Our major portfolio changes are now completed…

Roadshow Presentation June 2018 9

2016 2017 2018

Tutorhouse FI AAC Global FI Autotrader.nl NL Kortingisleuk.nl Scoupy NL HeadOffice FI De Boeck BE Routa FI Sanoma Baltics Kieskeurig.nl NL SBS NL N.C.D. FI Women’s magazines BE Scoupy NL

Media Finland Media Netherlands Learning

Divestments Acquisitions

• Higher share of more stable

subscription and learning sales

• Lower exposure to more

volatile advertising sales

– Finland 75% of the Group’s advertising sales: MEUR 250 – The Netherlands 25%: MEUR 80

• Overall focus on our

stronghold positions in all segments we operate in

…resulting in a more balanced business portfolio

Roadshow Presentation June 2018 10

17%

24%

23%

27%

36%

26%

10% 9% 14% 14% 2016, incl. SBS 2017, excl. SBS Learning Subscription Advertising Single copy Other

Group net sales by category Learning Subscription Advertising

155 119 84 150 181

2013 2014 2015 2016 2017 Operational EBIT Margin, %

Our profitability has improved…

Roadshow Presentation June 2018 11

Operational EBIT

EUR million

13.6% 11.3% 4.8% 6.2% 7.4%

• Profitability continued to improve

in 2017

– Streamlined and more efficient

• perations

– Divestments of Dutch TV

• perations SBS and Belgian

women’s magazine portfolio – Cost innovations

• Outlook for 2018 operational

EBIT margin is around 14%

• EBIT margin is in line with the

top tertile industry benchmark of 14% in 2017

Around

14%

Outlook for 2018

Industry top tertile benchmark

• Our quarterly financial performance is

strongly affected by the seasonal pattern of the Learning business:

– Q1 and Q4 are typically loss-making, while most

• f net sales and earnings are accrued during Q2

and Q3

• In 2018, we are experiencing a structural shift

to later ordering in Learning mainly due to

– Increasing share of digital learning methods – Optimisation of supply and inventories throughout the chain – Increased importance of Poland where deliveries are typically close to school start

… and has a characteristic annual seasonality pattern

Operational EBIT

EUR million

7 76 71

• 4

20 73 81 4

Q1 Q2 Q3 Q4 2016 2017

12 Roadshow Presentation June 2018 2016 figures not restated for IFRS 15

• Our leverage has decreased rapidly: Net

debt / adjusted EBITDA from 3.6 at the end

• f Q1 2017 to 2.0 at the end of Q1 2018
• At the same time, net debt nearly halved to

EUR 439 million

• Equity ratio 34.1% at the end of Q1 2018

– Long-term target 35-45%

845 930 852 801 823 855 766 786 864 847 519 392 439 1 2 3 4 5 6 7 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Net debt Hybrid bond Net debt / Adjusted EBITDA

Our leverage is at the long-term target level (< 2.5 net debt/adj. EBITDA)

13

Net debt is improving

EUR million

Roadshow Presentation June 2018

Our mid-term cash conversion * target is 60-70%

• In 2017, cash conversion
• approx. 50%

Assumptions for key cash flow elements for 2018

• Profitability improvement
• Lower net financing costs
• Lower IAC in continuing
• perations
• Stable working capital
• Stable capex

We are targeting a higher cash conversion

14

• 100
• 50

50 100 150 Quarterly 12mr

Free cash flow is increasing

EUR million

Free cash flow = Cash flow from operations less capital expenditure

* Cash conversion = Free Cash Flow / EBITDA adjusted for non-operative items minus investments into TV program rights and prepublication assets

Roadshow Presentation June 2018

• With our leverage at the target level (net debt /
• adj. EBITDA < 2.5), we estimate to have
• approx. EUR 300-400 million headroom

for acquisitions in 2019, due to

– Solid profitability – Improved free cash flow – Reduced leverage

• In addition, we have flexibility to temporarily

exceed the leverage target level if we identify a major transaction fitting our M&A criteria

We expect headroom for acquisitions to increase to EUR 300-400 million…

15 Roadshow Presentation June 2018

• Synergistic

bolt-on acquisitions

• Organic

growth initiatives

• Active

portfolio management

Roadshow Presentation June 2018 16

… with selective growth through M&A opportunities across all three businesses

Three target areas

• Core business in current footprint markets
• Adjacent business in current footprint markets
• Core business outside current footprint markets

Three target areas

• Entertainment: Total TV strategy and live experiences
• News, feature & lifestyle: Aiming for growth in B2C
• B2B: Growth in value-added services and supporting SME companies

Target area

• Value creation through topline growth by increasing value of advertising

Learning Media Finland Media Netherlands

We are fully committed to our dividend policy

17

Progressive dividend

EUR

Dividend policy: Sanoma aims to pay an increasing dividend, equal to 40–60% of annual cash flow from

• perations, after capital expenditure.

When proposing a dividend to the AGM, the Board of Directors will look at the general macro-economic environment, Sanoma’s current and target capital structure, future business plans and investment needs as well as both previous year’s cash flows and expected future cash flows affecting capital structure.

• 0.20

0.00 0.20 0.40 0.60 0.80 2013 2014 2015 2016 2017

• Oper. CF - capex / share

DPS

55%

60% 40%

Roadshow Presentation June 2018

We continue to focus on our role in society

Roadshow Presentation June 2018 18

Solid performance and compliance in Responsible data use / Talent and diversity management / Journalistic ethics / Privacy and security / Responsible business practices / Environmental management / Supply chain management

• Journalistic content supporting freedom of

speech and independent information gathering

• Local entertainment contributing to shared

values and experiences

• Data assisting in serving relevant content to

audiences while focus on ‘avoiding in creating an information bubble’

Content

• Our modern learning methods supporting teachers

in developing the full potential of every pupil

• Helping in building a strong foundation for a stable,

productive and prosperous society

• Data being central to adaptive learning methods

and measuring learning impact

Learning

Q1 2018

Highlights Q1 2018

• Outlook for 2018 unchanged
• The pattern of our business and financial performance will be different in 2018 vs. 2017 with more

emphasis on the second half of the year

• Intention to divest the Belgian women’s magazine portfolio was announced in January and the

transaction is expected to be closed early Q3 2018.

• The acquisition of the festival and event business of N.C.D. Production in Finland (2017 net sales
• approx. EUR 20 million) was announced in March and closed in April.

Net sales

M€ 262

(2017: 282)

Operational EBIT

M€ 8

(2017: 20)

Operational EPS

€ 0.02

(2017: 0.06)

Free cash flow

M€ -44

(2017: -47)

’

All figures presented in this report are for continuing operations only. All annual and quarterly figures presented in this report have been restated to account for IFRS 15 standard. All comparisons of the Group and Media Netherlands figures are made against figures adjusted for the SBS divestment. More information on the restatement and adjustments is available on p. 3 of the Q1 2018 Interim Report.

• Operational EBIT of Media Finland

declined following lower net sales

– Q1 2017 included an EUR 4 million positive one-off correction to earlier accounting (* in the graph)

• Operational EBIT of Media

Netherlands grew slightly as a result of cost innovations

• Learning’s Operational EBIT

declined due to changes in the phasing of business between quarters

• Costs of Other operations in line

with Q1 17

Earnings developed in line with net sales

21

13 15

• 18
• 2

15 14

• 11
• 2

Media Finland Media Netherlands Learning Other operations Q1 2018 Q1 2017

Q1 2018 Operational EBIT by SBU

EUR million

Roadshow Presentation June 2018

4 *

Media Finland - One-off correction of EUR 4 million included in Q1 2017 Operational EBIT

• Soft advertising sales, in line with market

+ Ruutu+ performed well Media Netherlands + Lower personnel costs due to streamlined

• rganisation post-SBS divestment

+ Stable circulation sales Learning

• Lower sales in the Netherlands following

structural phasing of orders + Net sales ahead of PY in Poland and Finland

20 8

• 6

1

• 7

0.2 Q1 2017 Media Finland Media Netherlands Learning Other & Elim. Q1 2018

EBIT development by SBU in Q1 2018

Roadshow Presentation June 2018 22

Operational EBIT Q1 18 vs. Q1 17 by SBU

EUR million

Expected EBIT shift of approx. EUR 15-20 million from H1 to H2 2018 (vs. 2017) – Main items:

• Media Finland: ending of the Liiga contract (no write-off in Q3),
• ne-off in Q1 17, NCD acquisition
• Media Netherlands: lower fixed costs
• Learning: shift in the ordering pattern in the Netherlands,

exceptional growth in Poland in Q3 17

Media Finland: Strengthening the events business

23

Operational EBIT

EUR million

• Net sales declined to EUR 137 million (2017: 144,
• incl. EUR 3 million one-off correction)

– Advertising sales followed the slightly declining market development – Subscription sales stable – Ruutu+ subscriptions grew more than 80% vs. Q1 17

• Operational EBIT decreased to EUR 13 million

(2017: 19, incl. EUR 4 million one-off correction *) following the net sales development

• Strengthened position in festival and events business

in Finland with the acquisition of N.C.D. Production

– Growing market of live events – Annual net sales approx. EUR 20 million in 2017 – Business focused strongly in Q2 and Q3 – Overall profitability above media industry

15 22 14 10 13 4 13.2 % 15.5 % 10.8 % 6.5 % 9.5 % Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Operational EBIT Series2 Margin

Roadshow Presentation June 2018

*

Media Netherlands: Earnings improved

24

Operational EBIT

EUR million

• Net sales declined to EUR 96 million (2017: 102)

– Stable circulation sales – Advertising sales declined due to the divestment of Kieskeurig.nl in Q2 2017 and soft market momentum

• Operational EBIT improved to EUR 15 million

(2017: 14) with a solid margin of 15.5% (2017: 13.9%)

– Benefits of streamlined organisation – Last year’s cost innovations in fixed costs

• Divestment of Belgian women’s magazine portfolio

is going according to the plan

– Expected closing early Q3 2018

14 21 14 19 15 13.9 % 17.8 % 13.4 % 16.4 % 15.5 % Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 EBIT Margin

Roadshow Presentation June 2018

Learning: Structural shift to later ordering

25

Operational EBIT

EUR million

• Net sales declined to EUR 29 million (2017: 36)

– Traditional spring orders moving from Q1 to Q2-Q3 especially in the Netherlands – Net sales grew in Poland and Finland

• Operational EBIT declined in line with net sales to

EUR -18 million (2017: -11)

• Too early to draw conclusions in seasonally small

quarter

• The lower 12 mr operational EBIT margin is due to

– Strong Polish growth in 2017 partially from lower margin distributor sales – Shift in Q1 ordering with proportionately higher fixed costs

• 11

32 56

• 22
• 18

18.8 % 18.3 % 16.7 % 17.5 % 15.6 % Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Operational EBIT Margin (12mr)

Roadshow Presentation June 2018

• Main cash flow impacts in

Q1 2018 vs. Q1 2017

+ Lower net financial items – Lower operational EBITDA – Higher taxes as a result of real estate sale of Ludviginkatu in Helsinki in Q4 2017

• Divestment of Belgian women’s

magazine portfolio expected to have a negative impact of approx. EUR 18 million on cash flow from

• perations in H2 2018,

compensated by the cash consideration of the divestment (below cash flow from operations)

Free cash flow (12mr) on a good level

26

• 100
• 50

50 100 150 Quarterly 12mr

Roadshow Presentation June 2018

Free cash flow

EUR million

Free cash flow = Cash flow from operations less capital expenditure

• At the end of Q1 2018

– Net debt to adjusted EBITDA at 2.0 (2017: 3.5) – Net debt EUR 439 million (2017: 864) – Equity ratio 34.1% (2017: 27.3)

• Average interest rate was 2.6% (2017: 2.5%) in

Q1 2018

• Net financial items decreased to EUR -3 million

(2017: -7)

– Lower external debt – Repayment of EUR 200 million bond with 5% coupon rate in March 2017

845 930 852 801 823 855 766 786 864 847 519 392 439 1 2 3 4 5 6 7 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Net debt Hybrid bond Net debt / Adjusted EBITDA

Net debt substantially lower vs. Q1 2017

Roadshow Presentation June 2018 27

Net debt

EUR million

Outlook for 2018

(unchanged)

In 2018, Sanoma expects that the Group’s

• Consolidated net sales adjusted for

structural changes will be slightly below 2017

• Operational EBIT margin will be

around 14%.

The outlook is based on an assumption of the consumer confidence and advertising markets in the Netherlands and Finland being in line with that of 2017.

Appendix

Roadshow Presentation June 2018 30

We adapt to a rapidly changing media landscape

Increasing time used on media though mostly mobile The role of technology is expanding Video is used more and more Consumers’ willingness to pay for online is increasing Data is increasingly important

Marketers are seeking efficiencies and impact by a balanced use of media channels

1 3 4 5 6 2

• Constant growth in time spent
• Lower value mobile advertising model
• High user experience requirements
• Use of Machine Learning and AI in

analysis and content production

• Increasing investments may lead to

industry consolidation

• Requires different ‘story telling’ utilizing

expertise from our media portfolio

• Having to constantly reduce

production costs

• Increases commercialization
• pportunities for us
• Online subscription news
• Subscription based VOD
• Recommendations increase

engagement of users

• Advertisers willing to pay for increased

conversion

• News skill sets in organization and full

compliance on security and privacy are required

• Strength of traditional mass media in

reaching new customers recognized again

• Value of curated media as safe

environment for brands

31

Sanoma in 2017

NET SALES

EUR 1,327 million

NON-PRINT SALES

40%

OPERATIONAL EBIT MARGIN

13.6% Learning

EUR 320 million 45% Around 18%

Media Finland

EUR 571 million 44% Around 12%

Media Netherlands

EUR 437 million 30% Around 16%

Poland Netherlands Finland Belgium Sweden 50 100

Net sales 2017

News TV/Radio Online & Mobile Magazines

• ther

100 200 300 Magazines Online & Mobile Other Distribution 100 200 300

Roadshow Presentation June 2018

Media Finland: Quarterly key figures

32

EUR million Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Net sales 137.0 150.4 131.3 144.5 144.1 Operational EBITDA 35.8 35.3 35.5 42.1 42,9 Operational EBIT 13.1 9.8 14.2 22.4 19.0 margin 9.5% 6.5% 10.8% 15.5% 13.2% EBIT 11.6 8.2 13.5 30.5 19.6 Capital expenditure 1.8 0.5 3.0 1.9 1.0 Average number of employees (FTE) 1,709 1,744 1,755 1,744 1,719

Roadshow Presentation June 2018

Media Netherlands: Quarterly key figures

Adjusted for the SBS divestment

33

EUR million Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Net sales 95.8 116.9 103.9 116.9 101.9 Operational EBITDA 16.3 21.9 16.0 22.9 16.4 Operational EBIT 14.9 19.2 14.0 20.8 14.2 margin 15.5% 16.4% 13.4% 17.8% 13.9% EBIT 16.9 14.2 11.3 15.9 14.2 Capital expenditure 0.9 0.4 0.2 0.3 1.3 Average number of employees (FTE) 1,054 1,132 1,144 1,172 1,183

Roadshow Presentation June 2018

Learning: Quarterly key figures

34

EUR million Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Net sales 28.9 38.5 145.7 97.9 36.2 Operational EBITDA

• 7.3
• 7.2

66.1 41.8

• 0.7

Operational EBIT

• 18.0
• 21.6

56.1 31.9

• 10.9

margin

• 62.2%
• 56.0%

38.5% 32.6%

• 30.0%

EBIT

• 18.4
• 23.7

56.2 22.8

• 11.4

Capital expenditure 3.5 6.0 4.1 5.2 3.3 Average number of employees (FTE) 1,353 1,401 1,413 1,430 1,442

Roadshow Presentation June 2018

Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Newspapers

• 12%
• 10%
• 12%
• 12%
• 9%

Magazines

• 7%
• 1%
• 9%
• 12%
• 7%

TV 1%

• 4%
• 4%
• 7%
• 6%

Radio

• 4%

4% 8% 0% 4% Online 7% 12% 10% 1% 8% Total market

• 2%
• 1%
• 2%
• 5%
• 3%

Overall advertising market declined by 2% in Finland in Q1 2018

Roadshow Presentation June 2018 35

Finnish measured media advertising markets

Source: Kantar TNS, Media Advertising Trends, March 2018. Online excl. search and social media.

• Next refinancing early 2019 for

the EUR 300 million RCF

• The EUR 200 million bond will

be repaid or refinanced depending on acquisition funding requirements

• Average interest rate

decreased to 2.1% in 2017 (2016: 2.8%)

• Net financial expenses

decreased to EUR 23 million (2016: 37)

– Further decrease in 2018

We have a balanced debt portfolio and lower net financial expenses

36

Maturity profile

EUR million, 31 March 2018

Debt structure

EUR million, 31 March 2018 200 50 192 17 4 CP’s 500 300 50 200 300

2018 2019 2020

Committed funding Maturing Bond 3.5% Term loan Other loans Bank account limits

Roadshow Presentation June 2018

31 May 2018 Number of shares

• 1. Jane and Aatos Erkko Foundation

39,820,286 24.4%

• 2. Antti Herlin

(Holding Manutas Oy: 11.91%, personal: 0.02%) 19,506,800 11.9%

• 3. Robin Langenskiöld

12,273,371 7.5%

• 4. Rafaela Seppälä

10,273,370 6.3%

• 5. Helsingin Sanomat Foundation

5,701,570 3.5%

• 6. Ilmarinen Mutual Pension Insurance Company

3,572,220 2.2%

• 7. Foundation for Actors’ Old-Age Home

2,000,000 1.2%

• 8. Alex Noyer

1,908,965 1.2%

• 9. The State Pension Fund

1,860,000 1.1%

• 10. Lorna Auboin

1,852,470 1.1% 10 largest shareholders total 98,769,052 60.4% Foreign holding * 30,579,291 18.7% Other shareholders 34,217,320 20.9% Total number of shares 163,565,663 100.0% Total number of shareholders 20,566

2.6 % 13.3 % 4.0 % 27.9 % 33.4 % 18.7 %

Private companies Financial and insurance institutions Public sector organisations Households Non-profit institutions serving households Foreigners

Largest shareholders

31 May 2018

Largest shareholders Holding by category

37 Roadshow Presentation June 2018

24 July 2018 Half-year Report 24 October Q3 2018 Interim Report

Financial reporting in 2018

38 Roadshow Presentation June 2018

Analyst coverage

39

Carnegie Investment Bank Matti Riikonen +358 9 6187 1231 Danske Markets Equities Panu Laitinmäki +358 10 236 4867 Handelsbanken CM Rasmus Engberg +46 8 701 5116 Inderes Petri Aho +358 50 340 2986 Nordea Sami Sarkamies +358 9 165 59928 Pohjola Kimmo Stenvall +358 10 252 4561 SEB Enskilda Jutta Rahikainen +358 9 6162 8058

Roadshow Presentation June 2018

• All 2016-2017 figures presented in this presentation are for continuing operations only.

– Sanoma announced on 16 January 2018 the intention to divest its Belgian women’s magazine portfolio. The divested business was consequently classified as Discontinued operations in 2017 financial reporting.

• All annual and quarterly figures for 2017 presented in this presentation have been restated to account

for IFRS 15 standard.

– Restated figures have been published as a stock exchange release on 29 March 2018.

• All income statement and balance sheet related Group and Media Netherlands figures for 2016-2017

are adjusted for the SBS divestment.

– Sanoma divested the Dutch TV operations of SBS on 19 July 2017. SBS was consolidated in Sanoma’s income statement until 30 June 2017 as part of Media Netherlands SBU. To enhance comparability between reporting periods, all income statement and balance sheet related key figures for 2016-2017 for the Group and for Media Netherlands are presented excluding SBS.

• More information on the adjustments and restatement is available on p. 3 of the Q1 2018 Interim

Report.

Adjustments and restatements

Roadshow Presentation June 2018 40

The information above contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or future financial performance, including, but not limited to, expectations regarding market growth and development as well growth and profitability of Sanoma. In some cases, such forward-looking statements can be identified by terminology such as “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. All forward-looking statements included herein are based on information presently available to Sanoma and, accordingly, Sanoma assumes no obligation to update any forward-looking statements, unless obligated to do so pursuant to an applicable law or regulation. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell

• r the solicitation of an offer to buy any securities of Sanoma or otherwise to engage in any investment activity.

Disclaimer

41 Roadshow Presentation June 2018

Please contact our Investor Relations:

Kaisa Uurasmaa, Head of IR & CSR M +358 40 560 5601 E kaisa.uurasmaa@sanoma.com ir@sanoma.com www.sanoma.com